Showing strictness on banking fraud cases in the country, the Enforcement Directorate (ED) has so far investigated 1,105 cases. Finance Minister Nirmala Sitharaman informed the Lok Sabha that illegal assets worth ₹64,920 crore have been attached in these cases.
He said that so far 150 accused have been arrested in these cases, while 277 prosecution complaints have been filed. Also, 8 accused have been declared fugitive economic offenders under the Fugitive Economic Offenders Act, 2018.
Assets worth ₹15,186 crore seized, relief to banks:
According to the Finance Minister, assets worth ₹15,186 crore have been confiscated so far, out of which ₹15,183 crore has also been returned to public sector banks. Additionally, three accused have been convicted under the Prevention of Money Laundering Act, 2002 (PMLA), the law against money laundering.
Sitharaman said that the Fugitive Economic Offenders Act, 2018 (FEOA), enacted in 2018, was created to stop such economic offenders who try to escape the law by leaving the country and living abroad. This law applies to cases involving ₹100 crore or more. Under this law, the government gets the power to confiscate property of criminals, take possession of benami properties, issue lookout notices and prevent them from investing or buying shares in India.
Referring to the Punjab and Maharashtra Cooperative Bank scam, the Finance Minister said that with the help of ED, the bank has recovered ₹ 104 crore. Additionally, assets worth ₹725 crore have been seized under FEOA.
This information was given in the Lok Sabha when the bill related to amendment in the Insolvency and Bankruptcy Code (IBC) was being discussed. After discussion this bill was passed by the House. The government says that these strict steps will not only increase transparency in the banking system, but will also send a strong message against economic criminals.
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